Keyu Jin

So there's this kind of intergenerational family dynamics that makes our models focused on the individual consumption just completely inappropriate to describe these dynamics.

But the demographic side is the other thing.

challenge, which is they were so strict about the Guangzhou policy and they kept it in for too long so that once they decide to loosen it and decided that fertility rates were way too low to sustain the Chinese economy and its future, it was already too late.

And now they're finding all kinds of creative ways to make people have more kids.

This is not something that they can demand and command in ways that they can demand and command emerging strategic sectors, right?

So all these really interesting social anecdotes where they're encouraging even single women in a highly conservative society, encouraging single women to raise children.

Nothing to be afraid about that.

Lots of support system going there.

I mean, they're radically changing the whole, you know, thinking around these kind of issues.

South Korea.

South Korea.

Very, very, very low fertility rate.

It's just that for China's stage of development...

it should be having more babies than it is currently having.

So the one-child policy accelerated that demographic transition, right?

It really squeezed in many, many decades into two.

But my view about the demographic aspects for the economy is not as pessimistic as most people, because

Meanwhile, we're talking about aging.

There are also high rates of unemployment, right?

When we're talking about, is there enough people to do the jobs?